Fuel prices at the pumps have gone up again, with petrol now selling at GH¢13.38 per litre and diesel at GH¢14.20. The adjustment, led by state-owned GOIL, marks the first price change since early September.
The new prices represent an increase from GH¢12.99 for petrol and GH¢13.90 for diesel recorded on September 2, 2025. GOIL, the second-largest Oil Marketing Company (OMC) in the country, is the first to adjust its prices after weeks of speculation that hikes were imminent.
Industry observers say it remains unclear whether other OMCs will follow GOIL’s lead. Ghana has more than 200 OMCs nationwide, most of which had maintained stable pump prices for the past week despite projections of increases.
Projections and Drivers
The Chamber of Oil Marketing Companies (COMAC) had earlier forecasted that petrol could rise by as much as 5.86% to around GH¢14.17 per litre, while diesel could climb by up to 4.32% to GH¢14.67. Liquefied Petroleum Gas (LPG) was also expected to rise by about 4.23%, retailing at close to GH¢14 per kilogram.
According to COMAC, the main factor driving the latest hikes is the sharp depreciation of the Ghana cedi. The local currency slid from GH¢11.20 to GH¢12.07 against the US dollar during the review period — a 7.76% fall, bringing its year-to-date loss to 14.02%. Bloomberg has ranked the cedi among the world’s worst-performing currencies in 2025.
“The decline is primarily due to strong demand for the dollar for imports ahead of the festive season,” COMAC explained.
Meanwhile, on the international market, prices of crude oil and refined products actually dropped during the period — petrol by 2.52%, diesel by 4.12%, and LPG by 2.69%. However, the depreciation of the cedi has more than offset these declines, making local fuel price increases unavoidable.